Intro to Financial Accounting Documents

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1. Baaca Corporation has provided the following production and total cost data for two
levels of monthly production volume. The company produces a single product.
The best estimate of the total variable manufacturing cost per unit is:
First, calculate the

13-1
Chapter 13
Statement of Cash Flows
Learning Objectives
After studying this chapter, you should be able to:
1.
Indicate the usefulness of the statement of cash flows.
2.
Distinguish among operating, investing, and financing activities.
3.
Prepare a st

Question 1
Lyons Company consists of two divisions, A and B. Lyons Company reported a
contribution margin of $50,000 for Division A and had a contribution margin ratio of 30%
in Division B, when sales in Division B were $200,000. Net operating income for

Chapter 5
Accounting for
Merchandising Operations
Learning Objectives
After studying this chapter, you should be able to:
1.
2.
Explain the recording of purchases under a perpetual inventory
system.
3.
Explain the recording of sales revenues under a perpe

Chapter 4
Completing the
Accounting Cycle
Learning Objectives
After studying this chapter, you should be able to:
1.
2.
Explain the process of closing the books.
3.
Describe the content and purpose of a post-closing trial balance.
4.
State the required st

Chapter 8- Receivables
Accounts Receivable
Selling goods or services to another party on credit
Right to receive cash in the future from current transaction
Account receivable and Note receivable
An asset
Amounts to be collected from customers for sa

Chapter 5
Accounting for
Merchandising Operations
Learning Objectives
After studying this chapter, you should be able to:
1.
Identify the differences between service and merchandising companies.
2.
Explain the recording of purchases under a perpetual inve

Chapter 9
Plant Assets, Natural Resources,
and Intangible Assets
Learning Objectives
After studying this chapter, you should be able to:
1.
Describe how the cost principle applies to plant assets.
2.
Explain the concept of depreciation and how to compute

Chapter 3
Adjusting the Accounts
Learning Objectives
After studying this chapter, you should be able to:
1.
2.
Explain the accrual basis of accounting.
3.
Explain the reasons for adjusting entries.
4.
Identify the major types of adjusting entries.
5.
Prep

Chapter 6
Inventories
Learning Objectives
After studying this chapter, you should be able to:
1.
2.
Describe the steps in determining inventory quantities.
Explain the accounting for inventories and apply the inventory cost flow
methods.
3.
4.
Explain the

Chapter 7
Fraud, Internal Control, and
Cash
Learning Objectives
After studying this chapter, you should be able to:
1.
Define fraud and internal control.
2.
Identify the principles of internal control activities.
3.
Explain the applications of internal co

Chapter 2
The Recording Process
Learning Objectives
After studying this chapter, you should be able to:
[1]
[2]
Explain what an account is and how it helps in the recording process.
Define debits and credits and explain their use in recording business
tra

Accounting for Receivables
Chapter 8
Learning Objectives
After studying this chapter, you should be able to:
1.
Identify the different types of receivables.
2.
Explain how companies recognize accounts receivable.
3.
Distinguish between the methods and bas

.CHAPTER 6
Merchandising: inventory consists of many diff items (grocery store);
characteristics:
(1)
owned by company
(2)
in a form ready for sale to customers in the ordinary course of business
Manufacturing: some inventory may not yet be ready for sale

LECTURE 10
Receivables: amounts due from individuals and other companies; claims
expected to be collected in cash Accounts: amounts owed by customers on
account
Notes: claims for which formal instruments of credit are issued
Other: non-trade receivables (

.CHAPTER 3
Accrual Accounting: in the periods in which events occur; company recognizes
revenue when it is earned rather than when they received cash
Cash-Basis Accounting: record revenue when receiving cash (fails to record
revenue that it has earned but

Lecture 10
Cost of land includes (1) cash purchase price (2) closing costs such as title and
attorney's fees (3) real estate brokers commissions (4) accrued property taxes and
other liens on land assumed by purchaser (everything D land account)
Three fact

CHAPTER 8
Sarbanes-Oxley Act (SOX): forces companies to pay more attention to internal
controls
Principles of Internal Control
Establishment of Responsibility: control is most effective when only one
person is responsible for given task
(2) Segregation o